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An iconic tropical holiday destination situated within the Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum said to be worth 1.2 billion Australian dollars.

“We are honored to continue the vision and dedication of the family owners has built in the center of the World Heritage-listed Great Barrier Reef,” said a senior representative.

Details of the Sale

Headquartered in New York, the investment firm Blackstone – the owner of the casino-hotel chain Crown Resorts – announced it had entered into an agreement to acquire the island resort from the Oatley family, pending standard regulatory approvals.

The sellers released a statement saying they welcomed the new owners of an island that holds a “special place in the hearts of many Australians” and is known as “Australia’s Tropical Island”.

Hamilton Island's Size and Amenities

Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers more than 1,130 hectares spanning two separate islands.

Approximately thirty percent of the area is built upon, including a significant range of amenities:

• Five hotels
• More than 20 restaurants and bars
• Twenty shops and retail spaces
• An 18-hole championship golf course on neighboring Dent Island
• A marina and a functioning airport

The resort is noted as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of regional partners, vendors, and area businesses.

A Look Back at Ownership

The late billionaire Robert Oatley, a well-known sailor and vintner, first bought the resort for $200 million in 2003 after spotting the island from the deck a yacht during a voyage through the Whitsundays.

The island's major development phase first began in the 1980s. For decades prior that, it was home to galvanised iron huts and modest accommodations that housed domestic holidaymakers from the outback and southern states.

Broader Portfolio and Local Heritage

The acquiring firm also owns luxury hotels and resorts in multiple nations, including Japan, India, the Maldives, Sri Lanka, and the United States.

The Whitsunday region is the traditional lands and seas of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.